Simec Atlantis Energy (SAE), which is converting the Uskmouth power plant to burn waste pellets and developing the MeyGen tidal turbine, has made a statement with regard to links with GFG Alliance.
SAE said it is not a member of the GFG Alliance, it is an independent company whose shares are admitted to trading on AIM. Its major shareholder is SIMEC UK Energy Holdings Limited, a GFG Alliance member, which SAE said owns around 43% of SAE’s issued share capital. SAE’s activities include a 77% stake in MeyGen, 100% of the 220MW Uskmouth conversion project and 100% of Green Highland Renewables, a developer of mini-hydro projects.
SAE has received correspondence in relation to the purported appointment of receivers over all of the shares of SIMEC UK Energy Holdings Limited. GFG Alliance has informed SAE that it intends to challenge the validity of the appointment and is seeking appropriate advice.
SAE said it wanted to make it clear that the above process relates to SUEH and not to SAE itself. The GFG Alliance has also informed SAE that SUEH is a holding company for the investment in SAE and the appointment of the receivers does not extend to the rest of the SIMEC group or other members of the GFG Alliance.
As a separate matter, SAE also notes that it will need to be determined from the receivers whether, assuming a valid appointment and enforcement of security pursuant to which that appointment is purported to have been exercised, a waiver from the Singapore Securities Industry Council to make a mandatory general offer for SAE under Rule 14 of the Singapore Code on Takeovers and Mergers arising from any such enforcement is required and, where required, has been obtained by the receivers.